We are talking about insurance for your Las Vegas rental property, and today we have Curt Bulloch from Bulloch Insurance Brokers joining us. They specialize in property managers, the insurance that they need, and the coverage that’s necessary for their clients. Something that comes up a lot is what happens when vendors and contractors go to work on a property. General liability is important, but workers’ compensation insurance is equally as important.
Workers’ Compensation Insurance
If you have vendors on the property, you want to make sure that vendor has workers’ compensation insurance for the workers who are performing any task at the home. If they were to become injured, you wouldn’t want them to sue your client, the landlord or the owner. They could also sue you, the Las Vegas property manager, because you were the party that hired them.
Employees and Sole Proprietors
In some states, like California, the definition of an employee is very broad. We have all heard the term “1099 Independent Contractor.” But, when it comes to workers’ comp, you want to make sure you’re following the law so there aren’t any unforeseen claims against you. And, even though the worker says he is the sole proprietor of his business and he doesn’t need workers’ comp insurance, that’s not necessarily true. If he gets injured while he’s working on your property, the hospital may be the party that comes after you for coverage. Then, you have multiple policies that could get involved, and you’d want to look at them for where you can find coverage. But, requiring that the contractor or the vendor have their own workers’ comp policy that they can show to you up front is the best idea. It protects you and the property owner.
An ounce of prevention is always worth a pound of cure. We’re talking a lot about insurance in additional blogs, and if you have any questions about insurance or Las Vegas property management, please contact us at Blackbird Realty.